Kiwibank goes long

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Kiwibank has started the year by dropping its four year fixed home loan rate 80 basis points taking it to 5.99%.

Thursday, January 12th 2012, 7:21PM 6 Comments

As is often the case it is an offer with strings attached. The main one is that a borrower has to have at least 30% equity in their property otherwise the rate is 6.79%.

As you can see here it is a clear market leader in the term, however not that many lenders offer four year rates.

The lowest four-year rate offered by another bank is the 6.70% on offer from both ASB and the Co-operative Bank, formerly PSIS.However, Public Trust is slightly more competitive.

Kiwibank spokesman Bruce Thompson said the bank traditionally likes to kick-start the year with a market-leading rate.

"Over the past couple of years, the competition has been for shorter term lending, but Kiwibank is now offering home owners the opportunity to lock-in a very low rate for a longer period," Thompson said.

"There is considerable uncertainty about interest rates and about the world economies, so this four-year offer gives customers certainty."

The offer is available for an unspecified limited time.

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